Eneva completes sale of Pecém II plant and enters asset swap with Diamante

Eneva has completed a series of strategic asset transactions with Diamante Geração involving coal-fired thermal power plants and energy infrastructure in Brazil.

Eneva finalized the sale of the Pecém II thermal plant in Ceará to Diamante Geração. The transaction, which carries an enterprise value of R$ 839.2 million, transfers 100% of the shares of the 365 MW plant to Diamante. The closing price was R$ 748.4 million, with a contingent portion of up to R$ 149 million possible depending on capacity reserve contracts.

Additionally, the companies entered into an asset swap agreement. Eneva will transfer 100% of Itaqui Geração, which operates a 360 MW coal plant in Maranhão, to Diamante. In exchange, Eneva will assume 100% of Porto Pecém Transportadora de Minérios (PPTM). As part of this swap, Diamante will pay Eneva R$ 400 million in cash, with potential additional payments of up to R$ 467 million contingent on contract timelines. Eneva intends to integrate PPTM into its plans to develop liquefied natural gas (LNG) import, storage, and regasification infrastructure at the Pecém Complex.